River Modern Sells Over 90% Of Units At Launch — Here’s What Buyers Paid

River Modern has sold more than 90% of its units at its opening sales weekend, and set an average selling price of $3,266 psf.

Developed by GuocoLand, the luxury riverfront condominium comprises 455 units across two 36-storey blocks. The 99-year leasehold condo is on River Valley Green in prime District 9.

A total of 410 units were sold over its sales launch over the March 7 and 8 weekend. In a press release, GuocoLand shared that the units sold were priced from $1,548,000 for a two-bedroom unit to S$6,722,000 for a four-bedroom unit.

Overall, there was strong demand for all unit types, with 88% of the 175 two-bedroom units, 95% of the 210 three-bedroom units and 80% of the 70 four-bedroom units sold. “Many of our buyers were drawn to the exceptional attributes of River Modern’s site. They also believed in GuocoLand’s strong branding and our capabilities to deliver homes with efficient layouts, lush landscaping and thoughtful facilities that make for a highly-livable development,” says Dora Chng, residential director of GuocoLand.

Best-selling new launch in River Valley

The sales result makes River Modern the best selling new project in the River Valley area in recent years, in terms of percentage of units sold.

“The strong take-up reflects sustained demand for well-located homes in the Core Central Region (CCR). River Modern currently stands out as the only large-sized project launch in District 9 this year,” says Marcus Chu, CEO of ERA Singapore.

Recent projects in the River Valley area have also achieved high sales, such as River Green, a 524-unit development by Wing Tai, that moved 460 units (88%) when it launched for sale last August. The project set an average sales price of $3,130 psf.

Likewise, Zyon Grand by City Developments, sold 590 units (84%) and set an average price of $3,050 psf when the project launched last October. The 706-unit condo is the residential component of the integrated development on Zion Road.

Another project, Promenade Peak, sold 297 units during its initial sales launch over the Aug 1-3 weekend last year, and the average price for units across the entire project was $2,962 psf, based on caveats. Developed by Allgreen Properties, the 596-unit project is also at Zion Road.

“Newer projects in River Valley have increasingly been calibrated towards owner-occupiers, with a greater emphasis on larger, more functional layouts suited for family living, supported by established amenities, schools, and MRT connectivity,” says Chu.

He adds that a majority of buyers in the prime residential segment base their purchasing decisions today on absolute price, replacement cost and long-term fundamentals. Previously, purchases tended to be driven by headline psf prices, he says.

More locals buying CCR condos

Singaporeans and permanent residents accounted for nearly all the buyers at River Modern this weekend. The majority are owner-occupiers, from singles to multi-generational families, says GuocoLand.

All four new projects in the River Valley area, including River Modern, have attracted a high proportion of Singaporean buyers, a trend that has become more pronounced since 2024, following the increase in additional buyer’s stamp duty (ABSD) for foreigners in April 2023.

The buyers of River Modern also responded positively to its direct MRT connectivity to Great World MRT station on the Thomson-East Coast Line, as well as the project's location in an established prime neighbourhood. “These qualities sustain consistent interest from owner-occupiers in prime, city-fringe areas like River Valley,” says Chu.

River Modern also features a small commercial component, making it a rare mixed-use project in River Valley. Mixed-use developments have typically attracted strong buying interest and sales, especially when it is paired with an appealing location close to amenities.

GuocoLand has a strong track record developing these types of mixed-use projects. In Lentor, has completed Lentor Modern, the only integrated development in that emerging private residential enclave. The project sold 508 units (84%) of its 605 units when it hit the market in 2022. Likewise, Midtown Modern, a project in the Beach Road/Bugis precinct, sold 340 units (61%) when it launched in 2021.

These sales results underscore sustained buyer interest in well-located mixed-use developments, says Chu.

New project prices to rise amid competitive land sales

Another reason for River Modern's sales result is that it benefitted from a window of opportunity within the immediate area, says Mohan Sandrasegeran, head of research & data analytics at SRI.

The next government land sale (GLS) site in the vicinity that will launch is the River Valley Green Parcel C GLS site, with the tender anticipated around April 2026.

If it is awarded, the resulting development would likely be introduced in 2027, based on typical development timelines. “This placed River Modern in a favourable position to capture sustained buyer attention in the near term,” says Sandrasegeran.

Land prices from government land tenders have also been on an upward trajectory, with the most recent sale of a site at Lentor this week attracting a top bid of $1,278 psf from a consortium of developers comprising GuocoLand, Intrepid, and TID.

“Against this backdrop, River Modern benefits from a relatively early land cost base, which may offer buyers some insulation against future price escalation as replacement costs for upcoming CCR launches trend higher,” says Chu.

Looking at the macroeconomic environment, while global uncertainty may introduce some degree of caution, it also reinforces Singapore’s positioning as a safe haven market where property values remain anchored by strong domestic demand fundamentals and a transparent regulatory framework, says Sandrasegeran.